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CubeTree Secures $8 Million in Series B Financing Led by InterWest Partners
REDWOOD CITY, Calif. --(Business Wire)--
CubeTree, a freemium enterprise collaboration suite built on a social networking platform, today announced that it has secured $8 million in Series B financing, led by InterWest Partners. Existing investor Trinity Ventures also participated in this round. The company also announced that Bruce Cleveland of InterWest Partners has joined CubeTree's Board of Directors. To date, CubeTree has raised nearly $12 million in funding, from venture capital firms InterWest Partners and Trinity Ventures, as well as industry visionary Mitch Kapor. CubeTree will use the capital raised to continue investing in product and market development.
Launched in May 2009, CubeTree delivers a hosted social networking platform with enterprise collaboration tools like wikis, blogs and file sharing tightly integrated into the social network. CubeTree's software helps companies create their own private, secure social networks. It takes under a minute to get started, and the basic offering is free for an unlimited number of employees.
"CubeTree is seeing strong and increasing market demand for enterprise social software suites," said Carlin Wiegner, chief executive officer and co-founder of CubeTree. "Enterprise social software is an extremely fast-moving space and this new investment round will allow us to maintain our aggressive speed of product innovation, while accelerating the growth of the company. We are very excited to be working with Bruce Cleveland and InterWest Partners on this round of financing. We have been very impressed with their experience and depth of understanding of SaaS (News - Alert) and the enterprise applications and software space, and we look forward to working with them."
"We firmly believe that CubeTree has market-leading vision in the enterprise social software space," said Bruce Cleveland, partner, InterWest Partners. "Since its launch in May 2009, CubeTree has clearly differentiated itself and developed significant market momentum through its aggressive delivery of innovative solutions. I'm looking forward to working closely with Carlin and his team to support CubeTree's growth as a major player in the enterprise social software market."
About CubeTree
CubeTree is a freemium enterprise collaboration suite built on a social networking platform that enables employees to connect, communicate and collaborate efficiently and securely using a set of full-featured, integrated tools. Delivered as a software service, CubeTree is designed for enterprises ranging from start-ups to Global 500 companies. Founded in 2008, CubeTree is a private company funded by InterWest Partners, Trinity Ventures and Mitch Kapor, and is headquartered in Redwood City, Calif. For more information, please visit www.cubetree.com.
About InterWest Partners
For 30 years InterWest (www.interwest.com) has partnered with exceptional entrepreneurs to build winning technology and life sciences companies. With more than 200 years of combined operating and investing experience, InterWest's team has raised $2.8B, completed more than 70 IPOs, and participated in nearly 60 upside acquisitions. As the firm invests InterWest X, a $650M fund, InterWest continues to believe that providing capital is just the beginning of a long-term collaboration with entrepreneurs to turn their vision into a thriving company.
The firm's past successful investments in life sciences include: ArthroCare (ARTC), Aspreva Pharmaceuticals (ASPV, acquired by Galenica group, SWX:GALN), Cor Therapeutics (CORR; acquired by Millennium Pharmaceuticals, MLNM), Corixa Pharmaceuticals (CRXA; acquired by GlaxoSmithKline, GSK), Coulter Pharmaceuticals (CLTR; acquired by Corixa Pharmaceuticals, CRXA), Cubist Pharmaceuticals (CBST), Epicor Medical (acquired by St. Jude Medical, STJ), Inspire Pharmaceuticals (ISPH), IntraLase (ILSE; acquired by Advanced Medical Optics, NYSE:EYE), Myogen (MYOG, acquired by Gilead, GILD), NovaCardia (acquired by Merck, MRK) Spinal Dynamics (acquired by Medtronic, MDT), TheraSense (THER; acquired by Abbott Labs, ABT) and Ventritex (VNTX; acquired by St. Jude Medical, STJ).
The firm's past successful investments in information technology include: CIENA (CIEN), Copper Mountain Networks (CMTN), Crystal Semiconductor (acquired by Cirrus Logic (News - Alert), CRUS), Cyrix (CYRX; acquired by National Semiconductor (NSM), Lightera (acquired by CIENA), PlaceWare (acquired by Microsoft, MSFT), SiTera (acquired by Vitesse, VTSS), Silicon Graphics (SGI), Stratacom (STRM; acquired by Cisco (News - Alert), CSCO) and Xilinx (XLNX).
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